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Prepare the journal entry to record company taxes

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Question - In 2010 the company reported $10 million in pretax income. Including an unrealized gain from fair value investments of $500,000 (expected to reverse fully in the following year) as well as compensation expense of $1 million related to stock options. The tax rate for 2010 and 2011 is 35%.

Requirements: Prepare the journal entry to record Company A's income taxes.

Reference no: EM131582590

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